US investment firm Dodge & Cox doubles stake in Entain to 10%

UK-listed gambling company Entain has revealed that US fund management group Dodge & Cox last week doubled its stake.

The investment, which took its shareholding from 5.01% to 10.33%, took place on the same day Entain reported an update for the third quarter, during which group net gaming revenues rose 7% year-on-year.

As of the Ladbrokes owner's closing share price on 1 November, the day before the investment, a 5.22% stake would have been worth around £310m, according to Sharecast's calculations.

Entain said on 2 November that it was on track to meet the upper end of its net gaming revenue guidance of $1.8bn to $2.0bn for the full year.

Dodge & Cox is a San Francisco-based investment manager with $323bn in assets under management as of the end of 2022.

The stock was up 2.1% at 939p on Monday morning.